Fiat Chrysler CEO Sergio Marchionne met with reporters Thursday to defend against an EPA claim that the diesel engines in Dodge Ram and Jeeps were cheating emissions.
Their leadership has a spine, it seems. He further elaborated that he would take draconian measures to punish any cheaters within his organization:
Fiat Chrysler CEO Marchionne on any rogue, lawbreaking employees: "If I found a guy like that, I would have hung them on a door," he said.
— Nathan Bomey (@NathanBomey) January 12, 2017
The Italian-American car maker issued a statement claiming the company has spent months providing information to the EPA in hopes of explaining their emissions control technology to agents at the EPA.
Below are the specific details regarding the EPA accusation:
The EPA today accused Fiat Chrysler of using software on 100,000 Jeep and Ram models equipped with a 3.0-liter EcoDiesel V6 engine that reduced NOx emissions during lab certification testing, but allowed the engines to give off more emissions in real-world driving.
FCA, in its statement, also appeared to illustrate where both parties are at a disagreement. The official regulations for a defeat device prohibits the use of an auxiliary emission control device (AECD) “unless … the need for the AECD is justified in terms of protecting the vehicle against damage or accident.”
The good news is leadership at Fiat is actively addressing the EPA claim against them. Wall Street has rewarded their Italian, aggressive hand gesturing vivacious rebuttal by appreciating the share price off its lows. The bad news is the stock is still ending Thursday down nearly -10%
$FCAU
BEARISH
If you enjoy the content at iBankCoin, please follow us on Twitter
